California Form 540 Schedule P – Fill Out and Use This PDF

The California 540 Schedule P form is designed for residents to calculate and report the Alternative Minimum Tax (AMT) and credit limitations. This detailed form, attaching to Form 540, guides taxpayers through adjustments, preferences, and the AMT calculation process, considering various state and federal differences. For those navigating the complexities of AMT or seeking to apply relevant credits, ensuring accuracy on this form is crucial.

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California Form 540 Schedule P PDF Details

In navigating the complexities of tax obligations in California, the California 540 Schedule P form emerges as a critical document for residents grappling with specific tax scenarios, notably concerning the Alternative Minimum Tax (AMT) and credit limitations. Designed to be attached to Form 540, it serves as an essential tool for taxpayers to calculate and report AMT, a parallel tax system initially created to ensure that individuals with significant deductions and exclusions contribute a fair share of taxes. The form is divided into parts, beginning with the computation of Alternative Minimum Taxable Income (AMTI), which requires adjustments and preferences to be factored into the taxpayer's income. These adjustments may include items such as medical and dental expenses, property taxes, interest, depreciation, and stock options, among others. Furthermore, the schedule guides the taxpayer through calculating the tentative minimum tax and the AMT itself, following adjustments for exemptions based on filing status and income. The final sections of the form deal with applying various credits that could reduce the taxpayer’s tax liability, including but not limited to credits for child and dependent care expenses, enterprise zone employee credit, and credits for prior year AMT. This complex web of calculations underscores the form's role in not only ensuring tax compliance but also in potentially mitigating the tax burden through applicable credits. The form’s intricate details highlight the importance of understanding the nuances of California’s tax code and the potential impacts on one's tax liabilities.

Question	Answer
Form Name	California Form 540 Schedule P
Form Length	2 pages
Fillable?	No
Fillable fields	0
Avg. time to fill out	30 sec
Other names	12_540p what does tax schedule p look like form

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TAXABLE YEAR	ALTERNATIVE MINIMUM TAX AND	CALIFORNIA SCHEDULE
	ALTERNATIVE MINIMUM TAX AND
2012	CREDIT LIMITATIONS — RESIDENTS	P (540)

ATTACH THIS SCHEDULE TO FORM 540.

NAMES AS SHOWN ON FORM 540

YOUR SSN OR ITIN

- -

PART I Alternative Minimum Taxable Income (AMTI) Important: See instructions for information regarding California/federal differences.

1If you itemized deductions, go to line 2. If you did not itemize deductions, enter your standard

	deduction from Form 540, line 18, and go to line 6	.▌	1
2	Medical and dental expense. Enter the smaller of Schedule A (Form 1040), line 4, or 2½% (.025) of Form 1040, line 37 . . .	.▌	2
3	Personal property taxes and real property taxes. See instructions	▌	3
4	Certain interest on a home mortgage not used to buy, build, or improve your home. See instructions	▌	4
5	Miscellaneous itemized deductions. See instructions	▌	5
6	Refund of personal property taxes and real property taxes. See instructions	▌	6	(
	Do not include your state income tax refund on this line.	▌
7	Investment interest expense adjustment. See instructions	▌	7
8	Post-1986 depreciation. See instructions	▌	8
9	Adjusted gain or loss. See instructions	▌	9
10	Incentive stock options and California qualiﬁed stock options (CQSOs). See instructions	▌ 10
11	Passive activities adjustment. See instructions	▌ 11
12	Beneﬁciaries of estates and trusts. Enter the amount from Schedule K-1 (541), line 12a	▌ 12

13Other adjustment and preferences. Enter the amount, if any, for each item, a through m, and enter the total on line 13. See instructions.

Circulation expenditures

▐

Mining costs

▐

Depletion

▐

Patron’s adjustment

▐

Installment sales

▐

Research and experimental

▐

Intangible drilling costs .

▐

Pollution control facilities .

▐

Long-term contracts . . .

▐

Qualiﬁed small business stock ▐

Loss limitations

▐

Tax shelter farm activities .

▐

m Related adjustments

▐

▐ 13

14 Total Adjustments and Preferences. Combine line 1 through line 13

. . . . . . . . . . . . . . . .

. .

. ▌ 14

15 Enter taxable income from Form 540, line 19. See instructions .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . .

. ▌ 15

16Net operating loss (NOL) deductions from Schedule CA (540), line 21d and line 21e, column B. Enter as a positive amount. ▌ 16

17 AMTI exclusion. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ▌ 17 (

18If your federal adjusted gross income (AGI) is less than the amount for your ﬁling status (listed below), skip this line and go

to line 19. If you itemized deductions and your federal AGI is more than the amount for your ﬁling status, see instructions. ▌ 18 (

	Single or married/RDP ﬁling separately	$169,730
	Married/RDP ﬁling jointly or qualifying widow(er)	$339,464
	Head of household	$254,599
19	Combine line 14 through line 18	. . . . . . . . . . . . . . . . . . . . . . . ▌ 19
20	Alternative minimum tax NOL deduction. See instructions	. . . . . . . . . . . . . . . . . . . . . . . ▌ 20

21Alternative Minimum Taxable Income. Subtract line 20 from line 19 (if married/RDP ﬁling separately and line 21

is more than $322,495, see instructions). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART II Alternative Minimum Tax (AMT)

22Exemption Amount. (If this schedule is for a certain child under age 24, see instructions.)

	If your ﬁling status is:	And line 21 is not over:	Enter on line 22:
	Single or head of household	$234,072	$62,420	}	▌ 22
	Married/RDP ﬁling jointly or qualifying widow(er)	312,095	83,225		▌ 22
	Married/RDP ﬁling separately	156,047	41,612
	If Part I, line 21 is more than the amount shown above for your ﬁling status, see instructions.
23	Subtract line 22 from line 21. If zero or less, enter -0-	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . . . . . . . . . . . . .	. . . . . . .	. 23
24	Tentative Minimum Tax. Multiply line 23 by 7.0% (.07)		. . . . . . . . . . . . . . . . .	. . . . . . .	▌ 24
25	Regular tax before credits from Form 540, line 31 . . .	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . . . . . . . . . . . . .	. . . . . . .	▌ 25

26Alternative Minimum Tax. Subtract line 25 from line 24. If zero or less, enter -0- here and on Form 540, line 61. If more

than zero, enter here and on Form 540, line 61. If you make estimated tax payments for taxable year 2013, enter amount from line 26 on the 2013 Form 540-ES, Estimated Tax Worksheet, line 16. (Exception: If you have carryover credit for solar

energy or commercial solar energy, ﬁrst enter the result on Side 2, Part III, Section C, line 24 or 25) . . . . . . . . . . . . . . . . . . ▌ 26

00)

For Privacy Notice, get form FTB 1131.

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Schedule P (540) 2012 (REV 02-14) Side 1

PART III Credits that Reduce Tax Note: Be sure to attach your credit forms to Form 540.

1	Enter the amount from Form 540, line 35				1		00
1	Enter the amount from Form 540, line 35	. . . .	. . . . . . . . . . . . .	. . . . . . . . . . . . . .	1		00
2	Enter the tentative minimum tax from Side 1, Part II, line 24	. . . .	. . . . . . . . . . . . .	. . . . . . . . . . . . . .	2.		00
2					2.		00
			(a)	(b)	(c)	(d)
			Credit	Credit used	Tax balance that	Credit
SECTION A – Credits that reduce excess tax.			amount	this year	may be offset	carryover
SECTION A – Credits that reduce excess tax.					by credits
3	Subtract line 2 from line 1. If zero or less enter -0- and see instructions.
	This is your excess tax which may be offset by credits	3
A1 Credits that reduce excess tax and have no carryover provisions.
4	Code: 162 Prison inmate labor credit (FTB 3507)	4
5	Code: 169 Enterprise zone employee credit (FTB 3553)	5
6	Code: ____ ____ ____ New Home Credit or First Time Buyer Credit	6
7	Code: 232 Child and dependent care expenses credit (FTB 3506)	7
A2 Credits that reduce excess tax and have carryover provisions. See instructions.						▌
8	Code: ▌____ ____ ____ Credit Name:	8				▌
9	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Code: ▌____ ____ ____ Credit Name:	9				▌
10	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Code: ▌____ ____ ____ Credit Name:	10				▌
11	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Code: ▌____ ____ ____ Credit Name:	11				▌
12	Code: 188 Credit for prior year alternative minimum tax	12	▌	▌		▌
SECTION B – Credits that may reduce tax below tentative minimum tax.
13	If Part III, line 3 is zero, enter the amount from line 1. If line 3 is more than
	zero, enter the total of line 2 and the last entry in column (c)	13
B1 Credits that reduce net tax and have no carryover provisions.
14	Code: 170 Credit for joint custody head of household	14
15	Code: 173 Credit for dependent parent	15
16	Code: 163 Credit for senior head of household	16
17	Nonrefundable renter’s credit	17
B2 Credits that reduce net tax and have carryover provisions. See instructions.						▌
18	Code: ▌____ ____ ____ Credit Name:	18				▌
19	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Code: ▌____ ____ ____ Credit Name:	19				▌
20	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Code: ▌____ ____ ____ Credit Name:	20				▌
21	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Code: ▌____ ____ ____ Credit Name:	21				▌
B3 Other state tax credit.
22	Code: 187 Other state tax credit	22
SECTION C – Credits that may reduce alternative minimum tax.
23	Enter your alternative minimum tax from Side 1, Part II, line 26	23
24	Code: 180 Solar energy credit carryover from Section B2, column (d)	24				▌
25	Code: 181 Commercial solar energy credit carryover from Section B2, column (d) . .	25				▌
26	Adjusted AMT. Enter the balance from line 25, column (c) here
	and on Form 540, line 61	26

Side 2 Schedule P (540) 2012

7972123

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1. The California Form 540 Schedule P necessitates certain information to be entered. Be sure the next blank fields are filled out:

Stage number 1 for submitting California Form 540 Schedule P

2. Your next step is to fill out these blank fields: to line If you itemized, Single or marriedRDP ﬁling, Total Adjustments and, is more than see instructions , If Part I line is more than the, If your ﬁling status is Single or, Subtract line from line If, than zero enter here and on Form , And line is not over, and Enter on line .

Step no. 2 of submitting California Form 540 Schedule P

3. Your next step is normally simple - fill in every one of the blanks in Part III Credits that Reduce Tax, Enter the amount from Form line , Section A Credits that reduce, Credit amount, Credit used, this year, Tax balance that may be offset, by credits, Credit carryover, zero enter the total of line and, This is your excess tax which may, and Subtract line from line If zero to finish this part.

California Form 540 Schedule P writing process clarified (stage 3)

4. This particular subsection arrives with the next few empty form fields to type in your information in: zero enter the total of line and, Subtract line from line If zero, and and on Form line .

Subtract line from line If zero, and on Form line , and zero enter the total of line and inside California Form 540 Schedule P

Be extremely careful when completing Subtract line from line If zero and and on Form line , because this is where a lot of people make errors.

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California Form 540 Schedule P – Fill Out and Use This PDF

California Form 540 Schedule P PDF Details

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